Printec Hellas is seeking a dynamic return to the POS market, which until a few years ago was a privileged field of action for it, through new partnerships, which it expects will also contribute to the recovery of its turnover and its return to profitability. According to the published financial statements, the company's sales in 2023 declined 7.7%, gross profit fell by 39.5%, while the result for the financial year was negative, with losses after tax exceeding €1.35 million.

THE REASONS 

According to the management, the decrease in sales "is mainly due to the entry of new competitive POS models in the Greek market, which resulted in the company losing the lead it had in previous years".   The loss of profits, in addition to the decline in sales, is attributed "to the increase in costs due to inflation (to the extent not passed on to customers), but also to many factors, such as the increase in the borrowing rate, the destruction of depreciated merchandise, and so on". However, as mentioned, new partnerships were developed during 2023, "which will allow it to make a dynamic return to the POS market".

 TRANSITION IN SERVICES AND SALES OF SOFTWARE

Beyond this, however, and in a longer-term horizon, the company continues to set a strategic goal of gradual transition:

• providing services and selling software; 
•  expanding its customer base to non-financial institutions, and in particular to large retail chains in the private sector

In the retail sector, in particular, Printec Hellas' management identifies "many opportunities for cooperation, with new specialized products and technology solutions being developed". So far, however, the banking sector continues to act as a locomotive and contributes the largest share of its turnover. The company's ambition is to continue to take advantage of the demand to modernize and reform its structures, "offering innovative solutions in the field of electronic transactions by focusing on applications that are implemented in digital environments and platforms, meeting regulatory requirements." So far, however, the banking sector continues to be the engine and contributes the largest share of its turnover. The company's ambition is to continue to take advantage of the demand to modernize and reform its structures, "offering innovative solutions in the field of electronic transactions by focusing on applications that are implemented in digital environments and platforms, meeting regulatory requirements.".

AGREEMENT WITH EUROBANK 

As it is also evident from the financial statements, last July Printec entered into a €2 million bond loan with Eurobank, with a repayment schedule extending over 5 years. Moreover, a year and a half ago, and more specifically in May 2023, it had entered into a €4 million bond with the same bank with a repayment term of 6 years. In the same month, the company covered a €4 million bond issued by the parent company, Printec Holdings Limited, with a repayment schedule of 6 years.

THE IMPACT OF GEOPOLITICAL DEVELOPMENTS

The company's management notes the geopolitical tensions (Russia-Ukraine war, flare-ups in the Middle East), which cannot be ruled out to reignite the energy crisis, as well as the US elections that intensify global uncertainty. However, it expects that the impact of all these factors on Printec Hellas' business will not be significant in 2024 because:

• The company's customer base, consisting of financial institutions, large private sector companies and public bodies, ensures the collectability of receivables 
• A large part of the company's revenues are related to equipment and software maintenance service contracts, as well as lease contracts. 
• The company's cash reserves are sufficient to finance its business.